Mechanical and electrical engineering company Harvey Group has acquired Northern Ireland-based Solmatix Renewables.
Solmatix was founded in 2008 by Richard and Norah-Anne Bell. It has achieved a turnover of £6m and employs 30 people.
The company designs wood pellet boilers and solar panels and supplies them to businesses and homeowners across Northern Ireland the UK.
Following the deal, Solmatix will operate as an autonomous and independent firm within Harvey Group.
The acquisition is part of Harvey’s plans to tap into Northern Ireland’s renewable energy sector before expanding into further markets throughout the UK.
The companies did not disclose financial terms of the transaction, which will bolster Harvey’s headcount by over a third (37.5%) to about 110.
Harvey Group managing director Brian Harvey said: "We have been planning to grow our renewables involvement for some time, either organically or through the acquisition of an established player.
"Having worked with Solmatix Renewables on a number of contracts, we’d always been impressed with their engineering rigour and professionalism.
"After careful consideration we both agreed that this would indeed be mutually beneficial. From my perspective, having Solmatix as part of Harvey Group gives us a level of expertise that would have taken us years to acquire otherwise."
Image: Richard and Norah-Anne Bell founded Solmatix Renewables in 2008. Photo: courtesy of Solmatix Ltd.